April, a Recognizance made from the King to Sir Andrew Jud, Lord Maior of the City, and the Commonalty of the same, that the King shall discharge them, their Successors, Lands, Possessions, and Goods whatsoever, as well beyond the Sea, as on this Side, from the Payment of certain Sums of Money Flemish, which they stood bound for to the said Anthony Fugger, and his Nephews, to be paid at Antwerp.

About the 10th or 11th of Queen Elizabeth's Reign, she thought of laying aside this Custom of taking up Money from Foreign Merchants, and Bankers, and conluded it better to borrow of her own Subjects, that they might have the Benefit of the Interest of the Money so lent her, rather than Strangers. And there was some Necessity now of taking this Resolution, since the Year 1569, the Correspondence was stopp'd by Duke D'Alva with Antwerp, whence the Monies used to come. This Counsel that famous Citizen Sir Thomas Gresham, her Agent, gave her; that for the making of some Payments to Creditors at Hamburgh, she should take up Money of her own Merchants, whereby they might enjoy the Benefit of the Loan. But this Motion found some Stop with the Merchants at this critical Time especially, of a misunderstanding with Spain. For when the said Gresham came to the Company of Merchant-Adventurers to borrow for the Queen, they first made dilatory Answers to him, sometimes of Appearance of liking it; and yet in the End made an open Question in the Common Hall, with a peremptory Refusal, by holding up of their Hands: Though the Queen, to encourrge them to lend, had ordered Gresham to make Overtures of Payment beforehand, of certain Sums of Money at London, for their Commodity, and greater Surety: So as they would afterwards, upon Sale of their Commodities, make Payment of the same according to the Value of Exchange.

But this Refusal the Queen's Council resented much, and caused the Secretary to send a Letter to the Merchants, importing, "How this Offer of the Queens was a Matter of great Grace and Favour, not much used before this Time, by any Prince; and therefore in Right to have been very thankfully received. That this Practice of theirs looked as though they were utterly careless of the Queen's Honour, to make a Hall-Matter of it: And undiscreetly Devised, contrary to all former Usage, to make an open Question in their Common Hall, with a peremptory Refusal by holding up of their Hands, without first giving a probable Cause of their so doing: A Usage unmeet for the Princes Cause: And the good Offer of her Majesty generally rejected, not only by the Youth, (whom they the Elders were commonly wont to blame to the Council, for all Disorders in their Assemblies,) but by themselves also the Heads." The Council added, "That they must not think that such a Dealing would be past over, as percase they had thought. But before they meant to disclose the same to the Queen, they thought good to impart thus much unto them. Not that they cared for their Payment of any Money there [at Hamburgh] for her Majesty; but that they [the Council] would first know, how they could answer the same: And then they would proceed to such Remedy, as should seem meet to them, and give them Cause hereafter to think that they could, and must for her Majesty, be answerable to all manner of Persons, according as they should deserve, well or ill, in the Service of her Majesty, and the Realm. Fi- nally, that the Matter was such, that they could not overpass without imparting to them, either to lay before them their great Oversight, or to require, for Diminution of their Conceit against them, some Declaration of their Doings to be otherwise than they appeared: Where heretofore they had many times dutifully made Payment of Sums of Money for her Majesty on the other Side of the Seas: Which had also been readily and justly repaid them. And so doing they did but the Duty of honest Subjects. And yet were always both thanked and favoured for the same." This Letter from the Council having some peculiar Passages in it, as to the Princes Borrowing, and the City's voluntary lending Money to them, I thought fit and worthy the inserting in this Place.

The Issue of this was, that in the Months of November and December, 1569, divers of the Merchants and Aldermen lent the Queen Money for Six Months, and to pay Six per Cent for those Six Months. The Lenders, and Sums Lent, were these:

The Queen gave Bonds to each of these, and other accustomed Bonds, to discharge them of the Statute of Usury. The Six Months being expired, she prolonged the Payment for Six Months more, paying Six per Cent again, and Brokage. And the Loans went on more currently afterwards. For,

Again, in that famous Year 1588, the Queen in that Juncture wanted Money, and made Use of a Loan from the City. Then in the Month of August, the City, and chiefly the Members of the Twelve Companies, raised Fifty One Thousand Nine Hundred Pounds. These following lent One Thousand Pounds apiece, Sir Thomas Ramsey, Sir Wolstan Dixy, Thomas Smith, Customer, and John Spencer, Alderman; the rest subscribed, some Five Hundred Pounds; some Three, some Two; none under One Hundred Pounds. Then the Strangers, Traders in London, lent Four Thousand Nine Hundred Pounds.

And again, another Loan there was the next Year, viz. 1589, if I mistake not, of Fifteen Thousand Pounds: For which the Queen paid Ten per Cent. And from these Supplies of Money afforded from the City, it seems to have truly the Denomination of the Chamber of the Kings of England. And thus from its inexhaustible Wealth, and the good Service and Use her Princes have made of it, her Citizens have received great Honour.

So that one good Service of the City to their Princes, was lending them Money upon some extraordinary Emergence: As it did this Queen